It seems like fraud seems to follow the financial services sector wherever it goes.
Bank of America just got a jury verdict against them for 1.27 Billion.
There is a breaking story in Atlanta about a title company in turmoil over millions in (allegedly) embezzled funds. Worth a read. (Hat tip to Martin Archacki)
It is heart breaking to watch and frustrating to see happen time and time again. Some people’s greed hurts others in the worst way. And to many, this would be a call to arms. It would be a time to address this weak regulation or that. Heads would roll. The truth of it however, is that there are not regulations tight enough that they cannot be gotten around. Tightening them and making them harder will not solve the problem. There will always be people who will try to drive faster than the speed limit. There will always be those who will embezzle. There will always be the ones that try to take unfair advantage of others. And there will be a government (in the case of BofA) waiting to line its pockets with the proceeds of a judgement that will never reach those who were most hurt.
The lawyers in ALL of these cases seem to do quite well. Sheesh.
The truth of our industry is that the golden rule must apply in the sense that we “treat others as we would like to be treated” and not “he who has the gold makes the rules”. I know that is not how it works in the real world. But it should. Just Sayin.